A New Way to Speculate on Anthropic Before It Ever Lists
Even though Anthropic has not yet confirmed a public offering, traders are already taking leveraged positions on the company's eventual IPO through a crypto-native mechanism. Trade.xyz recently launched a perpetual contract branded "ANT" on the Hyperliquid decentralized exchange, giving speculators a way to go long or short on Anthropic's equity value without actually holding any stock.
The instrument's debut was volatile. Within the first hour after listing, the ANT contract dropped by approximately 20 percent, underscoring the thin liquidity and high uncertainty that surround these pre-IPO proxies. Because the contract is a perpetual futures product rather than a share purchase, no underlying Anthropic equity backs the position. Traders are essentially wagering on a price discovery process driven by sentiment, expectations, and the mechanics of the perp itself.
Who Can Actually Trade It—and Who Can't
A critical limitation surrounds access. U.S.-based traders are effectively locked out of the Hyperliquid platform and, by extension, of the ANT contract. Regulatory constraints that prevent American investors from using many offshore or decentralized crypto exchanges mean that a significant slice of the retail and institutional trading population cannot participate at all. This geographic exclusion narrows the pool of participants and can amplify price swings among those who do have access.
What This Tells Us About the Broader Market
The launch of a leveraged, shareless contract tied to one of the most-watched AI companies illustrates a broader trend: crypto perpetual markets are increasingly being used as a substitute for traditional equity exposure ahead of IPOs. Traders gain the ability to express a directional view months or even years before a company files for a listing, and they can do so with leverage that magnifies both gains and losses.
The 20 percent first-hour decline on ANT is a reminder of the risks inherent in that setup. Without a real share supply to anchor price, the contract's value can detach from fundamentals almost instantly, and the absence of U.S. participants means the order book is relatively shallow. For those who do trade these instruments, the combination of leverage, low liquidity, and regulatory barriers creates a high-risk environment that rewards speed and punishes hesitation.
